Editor's note: This brief was summarised by The Property AI Team from a report by The Negotiator. Read the original article for full details.
Green Party Backs Three-Year Rent Cap to Halt Landlord Price Hikes
Green Party leader Zack Polanski has called for a three-year "emergency brake" on private rents to cap increases. Speaking at his party's conference in Brighton, Polanski said the move would end the "fear and uncertainty" facing renters and tackle rents that have outstripped wages across the country.
The brake would prevent rents rising above inflation, wage growth or 2% – whichever is lowest. It forms part of what the Green Party describes as its fair rents guarantee. Polanski said it would allow wages to begin catching up with runaway rents.
What Polanski Said
Polanski said: "For too long, landlords have been able to hike prices way beyond wages. Leaving renters forced to meet the cost to keep a roof over their heads, cutting back and back and back on everything else.
"That's why I'm calling for a three year emergency brake on private rents. No rent rises above the consumer prices index, wage growth or 2% – whichever is lower. No sudden hikes. No evictions under the guise of rent rises. No more fear and uncertainty.
"That emergency brake would give renters vital breathing space. Let wages begin to catch up with the rents that have outstripped them for too long. Gove government time to develop a national fair rents guarantee – to keep rents fair and affordable for everyone, for ever."
Propertymark Pushes Back
Timothy Douglas, Head of Policy and Campaigns at Propertymark, said: "Tenants are facing genuine affordability pressures but rent caps do not address the underlying shortage of homes or the rising costs of providing and maintaining them.
"If policymakers want to make renting more affordable in the long term, the priority must be increasing housing supply and creating the conditions for responsible investment in the private rented sector.
"Propertymark has consistently warned against rent controls because they can have unintended consequences. In Scotland, our members have reported rent increases between tenancies, stalled investment and landlords leaving the market following temporary rent caps.
"Evidence from rent-control schemes internationally also suggests they can reduce investment and the supply of rental homes.
"Any policy to support tenants must therefore consider both the immediate impact on renters and the longer-term need to maintain and increase the supply of homes in an already constrained market."
Source: The Negotiator